Are these "Financing" Companies?

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Are these "Financing" Companies?

Postby Squid7085 » Tue Jan 03, 2012 5:45 pm

I was recently reading about how "Financing" companies on a credit report typically are a sign of a credit risk, even if I make on time payments and pay off before the promotional period. I have two such accounts, that I have used to make purchases in the past, now I never purchase anything if I don't have the cash on hand, but having 12 months to pay that off "same as cash" seems very enticing, and while I was working to build a good credit portfolio, I thought these would be good additions. Apparently I was wrong.

I have a Financing Card through Sony, it is serviced by GE Money, It wasn't a pleasant experience, but I paid it off and never paid a dime more than I needed to. The second is a Barclaycard Financing Visa through Apple, I am currently paying it off now and will pay it off wlll before the promotional period ends. So the question remains, with my relatively new credit report, are these helping or hurting me more, and is there a difference between predatory "Financing" companies, and the ones I am dealing with. I was told the Barclaycard was pretty difficult to get in its own right, as it stood I only got a $2000 credit line.

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Postby ooxs » Sat Jan 07, 2012 12:05 am

Not true, i have used American Express Financing, Dell Financing and have no issues. You can always transfer balance but this is no different than a store credit card, as long as it is being reported as "paid as agree" you are solid as gold.

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Postby jwduke01 » Mon Jan 23, 2012 7:31 pm

Financing companies are like, One Main Financial (Citifinancial), Household Finance (HSBC), AVCO (Don't know if they are still in business), to name a few.

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Postby randeman » Sat Jan 28, 2012 8:42 am

They are considered a "negative" on your credit report. From what I understand, these companies are generally the only ones that will lend to people who are considered poor credit risks. Their interest rates, as a result, are quite high.
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Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

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